Problem 4-1 Set up the following in T-account form and determine the ending balances insofar as these accounts are concerned. (Not all balance sheet accounts are shown.)

Problem 4-1 Set up the following in T-account form and determine the ending balances insofar as these accounts are concerned. (Not all balance sheet accounts are shown.)

	Beginning Balances
Account	Dr.	Cr.
Cash	$900
Accounts receivable	3,000
Inventory	5,700
Accounts Payable		$3,600
Note payable		950

Transactions:

1. Purchased inventory on account                                          $2,350

2. Sold goods on account: sales revenues                                            6,350

      Cost of goods sold                                                             4,150

3. Paid Vendors                                                                                   3,400

4. Collected from customers                                                   5350

5.   Paid off note payable                                                        950  

 

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